Opinion: formation of global influence poles continues

A Doctor of Physics and Mathematics, Professor at the Belarusian State University’s Economy Faculty, Mikhail Kovalev, commented on global tendencies and problems – such as the energy crisis in Western countries, China's economic growth, underdeveloped decisions of Brussels and the Western world, strengthening of economic competition between the US and the EU, and relations between the Western and Chinese powers

“Indeed, Russian energy accounted for a significant share in the resources consumed by the European Union, and its relatively low price was based on the path of delivery: through pipes. Meanwhile, at present, oil and gas exports to the EU are declining: the sanctions policy has reduced a hydrocarbon inflow, and it has sharply risen in price. It is impossible to fully replace Russia. In addition, Germany does not yet have berths (terminals) for liquefied gas supplied in part from the United States. It has to cut down expenses, while energy-intensive industries are already closing – being unable to withstand high prices and competition with Chinese goods: China, like India, takes advantage of the situation and receives Russian energy at a discount. Clearly, their goods have become cheaper. Germans placed a stake on Nord Stream-2, but it was blown up. It is yet unknown who has done this, but that is evidently beneficial exclusively to Americans. It is also clear that this is a high-tech diversion,” the expert noted.

Mr. Kovalev believes Europeans were guided by emotions when imposing sanctions, and they failed to think about their consequences. “As a result, we see that energy restrictions are hitting them harder than Russia. The United States was the first to abandon Russian oil, but it was easy for the country to do it, since it had bought not large volumes. There is no strong leader like Merkel in the EU today, so they have backed a wrong horse,” he added.